Danske Markets

Kristian Tornøe
Johansen

Goldman Sachs

Daniela
Costa

J.P. Morgan

Akash
Gupta

Nordea Markets

Claus
Almer

SEB Equities

Change of
analyst

NKT A/S is followed by the analysts listed above. Please note
that any opinions, estimates or forecasts regarding NKT A/S 's
performance made by these analysts are theirs alone and do not represent
opinions, forecasts or predictions of NKT A/S or its management.
NKT A/S does not by its reference above or distribution imply its
endorsement of or concurrence with such information, conclusions or
recommendations.

Estimates from analysts:

Amounts in EURm

2020e

2021e

2022e

Q1 2020e

Revenue

1,446

1,649

1,749

328.8

Revenue in std. metal prices

1,105

1,269

1,351

247.4

- NKT

1,031

1,183

1,255

232.8

- NKT Photonics

75

86

96

14.6

Operational EBITDA

51

111

149

4.7

- NKT

40

95

129

4.6

- NKT Photonics

11

16

20

0.0

Net profit

-46

-2

26

-17.7

Note: 28 April 2020 (before the release of the Q1 2020 Interim Report) and based on average estimates from six analysts